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HomeCrypto NewsMarketTerra Founder Do Kwon Says He Had An “Entertaining Alter Ego”

Terra Founder Do Kwon Says He Had An “Entertaining Alter Ego”


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Kwon Admits to Making Bad Decisions That Led To The Collapse Of Terra And UST while possessing an “entertaining alter ego.”

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In a recent statement with Coinage Media, Terra’s Do Kwon was quoted saying that the collapse of Terra was partly due to his bad decision-making.



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A few months ago, the crypto market went on a downward spiral, with some of the previously popular investment schemes going bankrupt. Some cryptos like Terra Luna (now Luna Classic) and its Terra native stablecoin, UST, collapsed. Now, it appears that Terra’s own CEO may have contributed to the collapse of the Terra ecosystem.

Bet Big, Lose Big

In a recent statement, Do Kwon admitted that the collapse of Terra might have had its genesis from his wrong market assumptions. According to him, he made a series of big bets that ultimately didn’t pay off in the end, thus leading to the crash of LUNA’s price from the highs of close to $120 in early May to the lows of mere pennies. The coin is currently trading at around $0.000096.

The full interview is yet to be released. In the currently available short clip, Do Kwon said,

“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”

He further admitted that he had an “entertaining alter ego.”

alter ego is “When a character lives more than one life, having a secret identity or taking on more than one personality, that alternate personality is their alter ego—for instance, think of Spider-Man, who is the alter ego to Peter Parker.”

Interview To Include Terra Employees

Apparently, the full interview hosted by Zack Guzman of Coinage Media included some of Terraform Labs’ employees. Hopefully, their inclusion will shed more light on what exactly happened to Terra Luna and UST. TFL and Do Kwon are currently involved in serious legal trouble with the authorities in South Korea, whereby they are accused of tax evasion. Authorities are also investigating to find out whether Terra executives may have intentionally caused the Luna and UST crash.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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